U.S. blinks in trade fight with China, delaying tariffs

Financial markets surged after the U.S. announced it will not impose a 10% tariff on certain products starting Sept. 1 and is pushing back planned duties on a range of popular consumer goods.

“Certain products are being removed from the tariff list based on health, safety, national security and other factors and will not face additional tariffs of 10 percent,” the Office of the U.S. Trade Representative said Tuesday. The agency did not specify which items would be stricken from the list.

Tariffs on other items will be delayed until Dec. 15, the USTR said. Those include cell phones, laptops, video game consoles, computer monitors, and some types of toys, shoes and clothing. 

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The Dow jumped 486 points, or 1.9%, to 26,392 in morning trade. The S&P 500 rose 1.9%, and the technology-heavy Nasdaq added 2.4%.

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